How much does a Maryland Automobile Insurance Fund bond cost?
A $10,000 Maryland Automobile Insurance Fund bond costs $100 per year and is issued instantly. You can also receive a 25% discount when you purchase for multiple years at checkout. For example, if you purchase the bond for two years, your bond would cost $175.
Simply click Buy Now to purchase your bond online via our secure bond checkout. In just a few minutes you can be on your way to getting your automobile insurance fund producer bond in Maryland.
|Bond Type||Bond Amount||Cost|
|$10,000 Automobile Insurance Fund Producer Bond||$10,000||$100|
Why do I need a MAIF bond?
To become licensed as a Maryland Automobile Insurance agent or producer, applicants are required to submit a surety bond in the amount of $10,000. Maryland automobile insurance bonds expire after one year, so they must be renewed annually to keep an MAI license effective.
Section 20-511 of the Insurance Article, Annotated Code of Maryland, notes that this bond allows for the state or customers to file a claim against the principal (producer) in the case of financial loss due to the producer’s negligence or faulty business practices.
The Maryland Automobile Insurance Fund (MAIF) was founded by the Maryland State Legislature in 1972 and provides automobile liability insurance for Maryland residents who are unable to obtain any. In 2015, MAIF rebranded into MAI, or Maryland Automobile Insurance.
How to become an MAI licensed insurance agent
To become a Maryland Auto Insurance authorized producer, the applicant must complete the online application. Before beginning the application, be sure to have the following documents ready to upload:
- Completed W9
- Business license from Maryland Insurance Administration, if applicable
- Producer property and casualty license
- Producer surety bond
- Banking information for Direct Deposit of Commission
- Completed Maryland Auto Insurance Producer Training, which takes approximately 1 hour to complete